SINGAPORE, Dec 3 (Reuters) - Middle East crude benchmarks Oman and Dubai slipped on Tuesday, with traders keenly awaiting the outcome of an OPEC+ meeting and fresh official selling prices from Saudi Aramco later this week.
RUSSIA
Spot premiums for Russia's Far East ESPO Blend crude oil shipments to China rose to their highest since the Ukraine war broke out in 2022 on robust winter demand and as prices for rival grades from Iran firmed, three trade sources said on Tuesday.
ESPO Blend cargoes ESPO-DUB loading in January traded at premiums of about $1.30 to $1.50 per barrel against ICE Brent on delivered ex-ship $(DES.AU)$ China basis, the sources told Reuters, rising from premiums of $1 for cargoes loading in November and December.
ESPO is also favoured by Chinese refiners in cold months as it produces winter-grade diesel used for transportation, especially in cold regions like northern China, a trader at an independent refiner said.
ESPO prices were also supported by Chinese oil majors' purchases for stockpiling, leaving fewer available cargoes in the market, Vortexa analysts said in a recent report.
SAUDI OSP PREVIEW
Saudi Arabia is expected to slash January official selling price $(OSP.AU)$ for flagship Arab Light by 70 to 90 cents a barrel from December to at least a four-year low, six sources at Asian refineries said in a Reuters survey, largely tracking a slump in Middle East benchmark prices last month.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps fell 18 cents to 79 cents a barrel, despite TotalEnergies snapping up most of the 36 partials traded on Tuesday.
SELLER-BUYER | PRICE ($/BBL) |
VITOL-TOTAL | 71.90 |
EXXONMOBIL-TOTAL | 71.90 |
VITOL-TOTAL | 71.90 |
PETROCHINA-TOTAL | 71.90 |
EXXONMOBIL-TOTAL | 71.89 |
EXXONMOBIL-TOTAL | 71.89 |
TRAFIGURA-TOTAL | 71.90 |
PHILLIPS 66-TOTAL | 71.90 |
EXXONMOBIL-TOTAL | 71.89 |
EXXONMOBIL-TOTAL | 71.89 |
VITOL-TOTAL | 71.89 |
RELIANCE-TOTAL | 71.89 |
PETROCHINA-TOTAL | 71.89 |
EXXONMOBIL-TOTAL | 71.89 |
VITOL-TOTAL | 71.89 |
EXXONMOBIL-GLENCORE | 71.85 |
PETROCHINA-TOTAL | 71.89 |
RELIANCE-TOTAL | 71.89 |
EXXONMOBIL-TOTAL | 71.89 |
EXXONMOBIL-TOTAL | 71.89 |
EXXONMOBIL-TOTAL | 71.89 |
VITOL-TOTAL | 71.89 |
PETROCHINA-TOTAL | 71.89 |
EXXONMOBIL-TOTAL | 71.89 |
EXXONMOBIL-TOTAL | 71.89 |
VITOL-TOTAL | 71.89 |
EXXONMOBIL-TOTAL | 71.89 |
EXXONMOBIL-TOTAL | 71.89 |
VITOL-TOTAL | 71.89 |
PETROCHINA-TOTAL | 71.89 |
PHILLIPS 66-GLENCORE | 71.88 |
EXXONMOBIL-MERCURIA | 71.85 |
EXXONMOBIL-TOTAL | 71.89 |
UNIPEC-TOTAL | 71.89 |
EXXONMOBIL-TOTAL | 71.89 |
VITOL-TOTAL | 71.89 |
PRICES ($/BBL)
CURRENT | PREV SESSION | |
GME OMAN | 71.86 | 71.96 |
GME OMAN DIFF TO DUBAI | 0.76 | 0.83 |
CASH DUBAI | 71.89 | 72.10 |
NEWS
OPEC+ is likely at its meeting on Thursday to extend its latest round of oil output cuts until the end of the first quarter, four OPEC+ sources told Reuters, to provide additional support for the oil market.
China's crude oil imports are on track to peak as soon as next year as transport fuel demand begins to decline for the world's top crude buyer, ending the country's decades-long run as the dominant driver of expanding oil consumption.
A sophisticated fuel oil smuggling network that some experts believe generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since Prime Minister Mohammed Shia al-Sudani took office in 2022, five sources with knowledge of the matter told Reuters.
Global trading house Cargill said on Tuesday it plans to cut around 5% of its staff, or about 8,000 jobs after revenue slumped in its most recent fiscal year as crop prices hit multi-year lows.
For crude prices, oil product cracks and refining margins, please click on the RICs below.
Brent | BRENTSGMc1 |
Dubai | DUBSGSWMc2 |
GME Oman | OQc1 |
Brent/Dubai EFS | DUB-EFS-1M |
PRODUCT CRACKS | |
Fuel oil crack | FO180SGCKMc1 |
Gasoil crack | GO10SGCKMc1 |
Naphtha crack | NAF-SIN-CRK |
Gasoline crack | GL92-SIN-CRK |
Complex refining margins | REF/MARGIN1 |
(Reporting by Florence Tan; Edting by Varun H K)
((Florence.Tan@thomsonreuters.com; Reuters Messaging: florence.tan.thomsonreuters.com@reuters.net))
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